Accidental landlord: accounts question
Posted: April 16th, 2023, 6:36 pm
My father died earlier this year and is survived by his wife. He was managaing a small BTL property which is now going to be my responsibility (although she inherits it).
Without getting into issues like whether we should hire an agent, etc. I'd like to ask a specific question about bank accounts:
My father had a separate account for the BTL. In the name of simplicity I'd like to close this and get the tenant to pay in to my mother's current account as her widow's pension could do with topping up.
Going forward, I'm thinking I could pay for (and document) repairs and maintanance myself, and recover costs from her. But are there any practical considerations I should bear in mind? I don't know about tax returns, for example. I suppose separate accounts is good practice, but I'd have to keep it funded (the rent goes to mum), remember to use it, etc. It's a tiny property, good condition, the rent is low, and the tenanats have been as good as gold for 17 years and counting (just been to see them).
G
Without getting into issues like whether we should hire an agent, etc. I'd like to ask a specific question about bank accounts:
My father had a separate account for the BTL. In the name of simplicity I'd like to close this and get the tenant to pay in to my mother's current account as her widow's pension could do with topping up.
Going forward, I'm thinking I could pay for (and document) repairs and maintanance myself, and recover costs from her. But are there any practical considerations I should bear in mind? I don't know about tax returns, for example. I suppose separate accounts is good practice, but I'd have to keep it funded (the rent goes to mum), remember to use it, etc. It's a tiny property, good condition, the rent is low, and the tenanats have been as good as gold for 17 years and counting (just been to see them).
G